Reza Pahlavi remains in exile decades after the 1979 revolution, with his stated intent to return to Iran as soon as conditions permit, potentially even before any full regime transition. Recent catalysts include the January 2026 domestic protests and his public rollout of transition planning documents, alongside diplomatic outreach in the United States and Europe through mid-2026. Iranian authorities maintain strict border and security controls, while reports highlight limited organized support inside the country and questions over coordination with domestic opposition networks. Scheduled public appearances and any shifts in regional diplomacy or internal stability measures continue to factor into trader assessments of near-term feasibility.